The cost of living in Nigeria has fast become a crisis, fueled by double-digit inflation rates and naira devaluation. As a result, sustaining employee relations has become increasingly difficult for employers and HR professionals.
Ordinarily, the traditional levers of motivation include salary increases and cost-of-living allowance (COLA). But the cost of settling bills is rising faster than salaries.
However, these levers are becoming increasingly unreachable as companies grapple with macro-economic challenges. Businesses have implemented various cost-cutting measures, including layoffs and asset sales.
Yet, for those fortunate enough to keep their doors open, maintaining morale and showing employees they are valued has never been more critical, even though salary increases and COLA are off the table.
While some employers are willing to dollarise their workers’ salaries, this is not feasible for many. A notable instance was a post on X (which has since been taken down) by Maya Horgan Famodu, Co-founder and CEO of Ingressive Capital, stating that despite layoffs, the company decided to start paying their employees in dollars to shield them from the continued…